EXHIBIT 11
ALEXANDER & BALDWIN, INC.
COMPUTATION OF EARNINGS PER SHARE
FOR THE THREE MONTHS ENDED MARCH 31, 1996 AND 1995
(In thousands, except per share amounts)
1996 1995
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Primary Earnings Per Share (a)
Income from continuing operations $7,191 $5,954
Income from discontinued operations - 2,606
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Net income $7,191 $8,560
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Average number of shares outstanding 45,305 45,643
Primary earnings per share from ======= =======
continuing operations 0.16 0.13
Primary earnings per share from
discontinued operations - 0.06
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Primary earnings per share $0.16 $0.19
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Fully Diluted Earnings Per Share
Income from continuing operations $7,191 $5,954
Income from discontinued operations - 2,606
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Net income $7,191 $8,560
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Average number of shares outstanding 45,305 45,643
Effect of assumed exercise of
outstanding stock options 59 9
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Average number of shares outstanding
after assumed exercise of
outstanding stock options 45,364 45,652
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Fully diluted earnings per share from
continuing operations 0.16 0.13
Fully diluted earnings per share from
discontinued operations - 0.06
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Fully diluted earnings per share $0.16 $0.19
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(a)The computations of primary earnings per share do not include the effects
of assumed exercises of employee stock options because such effects were
immaterial.